I made about $300 and coinbase sent out an email saying they wouldn’t be sending anyone who made less than $600 a 1099.
I suspect the govt still knows what you made.
Yeah Gemini isn’t sending out 1099’s under $600. either...you still technicaly need to report it in the Cap Gains category. ;-) And if doing “DeFi” stable coin staking (interest), that gets reported as “ordinary income” (same as interest on a savings account at the bank).
https://cryptotrader.tax/blog/defi-crypto-tax-guide
https://koinly.io/blog/defi-crypto-tax-usa/
Beware, there’s a perjury trap on Form 1040. You have to fess up to crypto. The IRS has John Doe subpoenas out to the exchanges and they will know if you traded. It’s not the amount that is at risk, it is the penalties for not reporting.